FXstreet.com (Barcelona) - Euro rally has reached the doors of the 1.5000 area during Tuesday's Asian session, and many affirm that breach of that level is imminent, however, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank advices caution.

The Euro might not reach levels above 1.5000 as soon as everybody expect, says Elliott: While most elements suggest a break above the psychological 1.5000 level is imminent, caution is warranted because yesterday's 'hanging man' candle shows signs of instability at current levels. Note that consensus opinion at the beginning of this month was that the Euro would weaken against the US dollar.

Support levels, according to Elliott, lie at 1.4954, 1.4899 and 1.4829. On the upside, resistance levels lie at 1.5000, 1.5085 and 1.5115.